Oncology/Cancer Drugs Market to Reach $335.2 Billion by 2033 Globally, at 7.2% CAGR

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According to a new report by Allied Market Research, the global oncology/cancer drugs market is projected to reach $335.2 billion by 2033, growing at a CAGR of 7.2% from 2024 to 2033. Factors driving this growth include the rise in cancer prevalence, surge in the geriatric population, and advancements in cancer treatment options such as targeted therapies and immunotherapies.

Why it matters

The growing oncology/cancer drugs market reflects the increasing need for effective and innovative cancer treatments globally. As cancer rates rise due to aging populations and lifestyle factors, the demand for advanced cancer therapies that can improve outcomes and quality of life is also increasing. This market growth signals opportunities for pharmaceutical companies to invest in R&D for new cancer drugs and treatment approaches.

The details

The oncology/cancer drugs market is segmented by drug class type and cancer indication. Targeted therapies are expected to hold the largest market share, driven by their ability to target specific molecular or genetic cancer drivers and exhibit fewer side effects compared to traditional chemotherapy. Immunotherapies are also projected to see the fastest growth, as these treatments harness the body's immune system to fight cancer. By indication, breast cancer and lung cancer are the two largest segments, reflecting the high prevalence of these cancer types globally.

• The oncology/cancer drugs market was valued at $167.0 billion in 2023.
• The market is projected to reach $335.2 billion by 2033, registering a CAGR of 7.2% from 2024 to 2033.

What’s next

As the oncology/cancer drugs market continues to grow, investors and pharmaceutical companies will likely focus on developing innovative targeted therapies, immunotherapies, and personalized medicine approaches to meet the increasing demand for effective cancer treatments.